Global Veterinary Point-Of-Care Diagnostics Market - 2022-2029

Market Overview

The global veterinary point-of-care diagnostics market size was valued at US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX % during the forecast period (2022-2028).

Analytical systems that provide clinically relevant information without a core diagnostic laboratory are used in point-of-care diagnostics. These tests are simplified versions of traditional laboratory assays intended to provide information at the point of use while allowing the individual practitioner significant autonomy.

Market Dynamics

The factors influencing the veterinary point-of-care diagnostics market are the increasing technological advancements. The growing demand for veterinary point-of-care diagnostics is expected to drive market growth.

The increasing technological advancements are expected to drive the market growth in the forecast period

Technological advancements have helped to improve the quality of human life and the lives of the animals that people care about. The field of veterinary medicine has advanced by leaps and bounds, allowing veterinarians to make faster diagnoses, more accurate prognoses, and ultimately save animal lives. Technology has also resulted in better care outcomes not only for pets but also for their owners. Rapid point-of-care tests in the veterinary clinic setting allow accurate insights derived from the results, giving clinicians more confidence in their prescribed treatment plans. Furthermore, the rapid nature of this type of testing allows for results to be produced in real-time, possibly while the patient is still in the hospital, removing the impact of time delays experienced with traditional reference laboratory testing methods. These breakthroughs are at the forefront of veterinary diagnostics. Heska, for instance, devotes its R&D budget to the development of new Analyzer and Diagnostics Platforms, the expansion of the menu of analyzer platforms, the upgrade of the cycle to already installed platforms, and other in-house inventions. Hence, the increasing adoption of new technological advancements and the development of new platforms is expected to drive market growth.

The challenges associated with veterinary point-of-care diagnostics is expected to hamper the market growth

Despite being promising and widely used in human and companion animal medicine, POC diagnostics in animal-product applications are limited. The primary reasons are cost-effectiveness and a lack of portability and simplicity. The majority of animal production operations make marginal profits and employ unskilled labor. The increased use of POC in production farms will necessitate the development of low-cost, simple-to-use devices and tests. Until now, the major manufacturers of POC devices and tests have not adequately addressed these challenges. Due to low-profit forecasts, technology companies are not always willing to share their technological advancements and collaborate with the farming sector. As a result, investments and interdisciplinary research in POC applications in livestock production are limited. Another major challenge in introducing new POC applications for monitoring animal health is farmers' inability to capitalize on new opportunities. Because of the initial investment cost, they are hesitant to invest in modern technologies and require extensive evidence before adopting a new product.

COVID-19 Impact Analysis

Government measures such as the issuance of stay-at-home guidelines and social distancing protocols during the first half of 2020 caused market participants to adjust, reduce, or suspend operating activities. Veterinary clinics and hospitals in various key geographies reported low patient volumes, with some directing resources solely to emergency cases. On the other hand, animal owners still provided veterinary care because it was widely regarded as an "essential" service. Stay-at-home policies reduced companion animal clinical visits, including the postponement of wellness visits and elective procedures, lowering demand for diagnostic testing services. During the second and third quarters of 2020, demand gradually recovered as governments relaxed stay-at-home policies. In addition, many companies reported intermittent delays in receiving supply during 2020 and an increase in shipping costs. Other challenges brought on by the COVID-19 pandemic included inefficiencies in remote collaboration and field testing.

Segment Analysis

Based on application, the Parasitology segment is expected to dominate the market growth

Parasitic infectious diseases are a major public health concern, particularly in developing countries where basic sanitation services are frequently inadequate. Diseases are exacerbated by environmental factors such as temperature, soil type, seasonal precipitation, and overall climate in each geographic region. The risk of infectious diseases transmitted through animals, carriers of more than 60 zoonotic agents, is growing in close proximity between people and animals, which is of great concern for public health.

These diseases, which are on the list of Neglected Tropical Diseases, cause losses in tropical and subtropical countries and temperate regions. Indeed, they affect over a billion people worldwide, a large proportion of whom are infected with one or more parasitic helminths, resulting in annual losses in the billions of dollars. Researchers have spent the last decade developing digital image processing models and pattern recognition techniques to detect parasite eggs in microscopic images. The main goal is to reduce human errors in fecal parasite diagnosis and to produce faster and more accurate results. These studies highlight the critical importance of automated identification of intestinal parasites in producing efficient and reliable results. Hence, many companies are launching POC diagnostics to detect intestinal parasites. For instance, on September 9th, 2020, Zoetis launched Vetscan Imagyst, a diagnostic platform that uses image recognition technology, algorithms, and cloud-based artificial intelligence (AI) to provide clinics with accurate testing results. Imagyst's initial application is to test faecal samples for parasites, but it can expand to other types of testing in the future. Imagyst was created to assist veterinarians in making accurate and timely point-of-care intestinal parasitic diagnoses for dogs and cats.

Geographical Analysis

North America region is expected to hold the largest market share in the global veterinary point-of-care diagnostics market

The growing adoption of companion animals and the rising expenditure on veterinary healthcare are expected to drive this region's market growth.

According to the American Pet Products Association (APPA), veterinary care is the second-highest source of spending in the pet care industry.

The annual industry-wide spending figures from the association show that money spent on veterinary care totaled $18.11 billion, outpacing growth in any other category by 6.1 percent. Figures for 2019 are expected to reach $18.98 billion, a 4.8 percent increase over last year's figures. According to the APPA, lower prices have likely increased the frequency of veterinary visits, making pet care more accessible to a broader customer base. In addition, the Society for the Prevention of Cruelty to Animals in Los Angeles reported that the adoption rate had more than doubled in June 2020, with daily adoptions ranging from 10 to 13 per day. In the long run, rising pet adoption may drive the growth of the veterinary point-of-care diagnostics market. The presence of major players such as Idexx Laboratories, Merck & Co. Inc, Zoetis Inc., and many other companies launching new products give the country an advantage in the global market.

Competitive Landscape

With mergers, acquisitions, and product launches, the global veterinary point-of-care diagnostics market is moderately competitive. Some of the key players in the market are Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Virbac, Thermo Fisher Scientific, Inc., Eurolyser Diagnostica GmbH, Woodley Equipment Company, Randox Laboratories LTD., AniPOC, Ltd., Carestream Health, Inc. (a part of ONEX Corporation)

Heska Corporation

Overview: Heska Corporation develops, manufactures, and sells companion animal health products, primarily for dogs, cats, and horses. In the United States and Europe, the company also provides diagnostic and patient monitoring equipment and diagnostic laboratory products.

Product Portfolio: The company's product Element POC (epoc) provides results 35 seconds after the sample is introduced. All results are obtained from a single test card kept at room temperature. This is a significant advantage over other handhelds, cartridge-based technologies, which requires selecting which parameters one requires, or the more expensive alternative of running multiple consumables to get all of the parameters Element POC provides from a single test card.

Key Developments: On April 1st, 2020, Heska Corporation completed the acquisition of scil animal care company GmbH. With headquarters in Germany and operations in France, Italy, Spain, and Canada, scil has been a proven European leader in providing veterinary point-of-care laboratory and imaging diagnostics.

Why Purchase the Report?

• Visualize the composition of the global veterinary point-of-care diagnostics market segmentation by product, by application, and end user highlighting the key commercial assets and players.
• Identify commercial opportunities in global veterinary point-of-care diagnostics market by analyzing trends and co-development deals.
• Excel data sheet with thousands of data points of global veterinary point-of-care diagnostics market- level 4/5 segmentation.
• PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global veterinary point-of-care diagnostics market report would provide an access to an approx. 45+market data table, 40+figures and 180 pages.

Target Audience

• Service Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Research Professionals
• Emerging Companies
• Manufacturers

Market Segmentation

Global Veterinary Point-Of-Care Diagnostics Market- By Product

• Consumables, Reagents, & Kits
• Instruments & Devices

Global Veterinary Point-Of-Care Diagnostics Market-By Application

• Parasitology
• Diagnostic Imaging
• Bacteriology
• Virology
• Cytology
• Clinical Chemistry
• Serology
• Other

Global Veterinary Point-Of-Care Diagnostics Market- By End User

• Veterinary Hospitals & Clinics
• Home Care Settings
• Other

Global Veterinary Point-Of-Care Diagnostics Market- By Region

• North America
• Europe
• South America
• Asia Pacific
• Middle East and Africa